The Atal Pension Scheme will bring security to ageing Indians while at the same time promote a culture of savings and investment among the lower and lower middle class sections of society. One of the greatest benefits of the scheme may be enjoyed by the poorer sections of society.
Financial inclusion, social security, and low-cost benefits for the masses have been high on the NDA government’s agenda. Ever since the NaMo government’s ascent to the centre, PM Modi, FM Jaitley, and the Cabinet have worked relentlessly towards promulgation of new schemes that make financial security for the common man. The first step towards achievement of social security was the rollout of the Pradhan Mantri Jan Dhan Yojana (PMJDY). With Phase I being declared a major success and 1.8 crore accounts having been opened across the country, the government has flagged off three new schemes on 9 May 2015 – two insurance schemes (Pradhan Mantri Jeevan Jyoti Bima Yojana, and Pradhan Mantri Suraksha Bima Yojana), and a pension scheme (Atal Pension Yojana). This is called Phase II of the PMJDY, since it was important to get people into mainstream banking before any benefits can be extended to them.
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